The European Central Bank (ECB) President Mario Draghi said in a speech in Frankfurt on Friday that the central bank is ready to use "all the instruments" to boost inflation in the Eurozone.

"If we conclude that the balance of risks to our medium-term price stability objective is skewed to the downside, we will act by using all the instruments available within our mandate," he said.

"If we decide that the current trajectory of our policy is not sufficient to achieve our objective, we will do what we must to raise inflation as quickly as possible," Draghi added.

The ECB president pointed out that there are downside risks to the central bank's scenario.

"The downside risks to our baseline scenario for the euro area economy have increased in recent months due to the deterioration of the external environment. The outlook for global demand, especially in emerging markets, has notably worsened, while uncertainty in financial markets has increased," he noted.